Ramanathan Bhuvaneshwari vs Bank Of Maharashtra
- CitationCompany Appeal (AT) (Insolvency) No. 1210 of 2019
Ratio decidendi
The rule this decision rests on
The appeal is disposed of by consent-style directions; the Tribunal notes the Third Proviso to Section 12(2) of the Insolvency and Bankruptcy Code, 2016, but does not give reasoning on its construction or on the exclusion application. The only operative step is a direction permitting the Resolution Professional to place a liquidation resolution before the Committee of Creditors, with any resulting application to be considered under the law, and an expunging of remarks against the Resolution Professional. No principle of law is articulated as the ground of decision. NO_RATIO: the order records a concession and gives directions for disposal without stating any reasoning or legal principle on which the decision rests.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Ramanathan Bhuvaneshwari ...Appellant
Vs
Bank of Maharashtra ....Respondent
Present: For Appellant: Mr. Krishna Dev J., Advocate with Mr. Piyush Sharma, Appellant in person. For Respondent:
ORDER
11.11.2019: This appeal has been preferred by Smt. Ramanathan
Bhuvaneshwari (Resolution Professional) of 'M/s Bhuvana Infra Projects
Private Limited' against order dated 9th October, 2019 passed by the
Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench,
whereby application preferred by the Appellant - Resolution Professional on the
instructions of the Committee of Creditors for exclusion of 75 days for the
purpose of counting 270 days of the period of Corporate Insolvency Resolution
Process has been rejected.
2. When it was brought to the notice of the Appellant that even as per the
Third Proviso of Section 12(2) of the I&B Code, the Corporate Insolvency
Resolution Process period cannot be extended beyond 15th November, 2019
and there is no likelihood of completion of Corporate Insolvency Resolution
Process in coming four days, learned counsel for the Appellant submits that
Appellant be allowed to move an application for liquidation of the Corporate -2-
Debtor under Section 33 of the I&B Code with the approval of the Committee of
Creditors.
3. In view of the request made by learned counsel for the Appellant, we
allow the Appellant to move before the Committee of Creditors to pass
resolution for liquidation. If such decision is taken and application is filed by
the Resolution Professional, the Adjudicating Authority will consider the same
in accordance with law.
4. We also expunge the remarks as made against the Appellant - Resolution
Professional by impugned order dated 9th October, 2019. Appeal stands
disposed of with aforesaid observations. No costs.
[Justice S. J. Mukhopadhaya] Chairperson
[Justice Venugopal M.] Member (Judicial)
[Justice Jarat Kumar Jain] Member (Judicial) am/sk
Company Appeal (AT) (Insolvency) No. 1210 of 2019
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